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Bursa Malaysia closes lower as investors still cautious ahead of US election

KUALA LUMPUR: Bursa Malaysia's thirty-stock index ended in the red, aligning with weak performances across regional markets.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 13.20 points or 0.82 per cent to 1,601.88 from yesterday's close of 1,615.08.

The benchmark index opened 0.18 of-a-point lower at 1,614.90 and moved between 1,601.45 and 1,615.36 throughout the session.

On the broader market, decliners thumped gainers 671 to 363, while 474 counters were unchanged, 984 untraded and 123 suspended.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said major indices in the region fell as investors remained cautious ahead of next week's US election and the Federal Reserve's rate decision.

Although there was positive corporate news in the US, Thong said it wasn't enough to provide clear direction amid election and Fed-related uncertainties.

"On the domestic front, we reckon today's sell-off as an oppotunity for bargain hunting given the cheap valiation of Malaysian equities, especially the blue chips, while their fundamentals remain strong.

"As such, we anticipate the benchmark index to trend within the range of 1,600-1,615 towards the weekend," he said.

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